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The Financial Planning Association and the Association of Financial Advisers have cautioned against allowing a retirement income covenant trumping advice, but Challenger Limited is fully supporting the concept.
The Association of Financial Advisers has warned the Federal Treasury that Comprehensive Income Products in Retirement will not be as effective as ensuring people receive good advice.
Westpac’s BT Financial Group has called an end to grandfathering, effective from October.
The Financial Planning Association has blasted the Federal Treasury for seeking to push forward with a “retirement covenant” which it claims effectively mandates the creation of financial products without sufficient consumer protections.
The key superannuation and financial services stakeholders were neither informed nor consulted about the Government’s proposed one-year amnesty on employer superannuation guarantee non-payments.
